Senate Approves President Tinubu’s $6 Bilion Loan Request - Politics - Nairaland
Nairaland Forum › Nairaland General › Politics › Senate Approves President Tinubu’s $6 Bilion Loan Request (6352 Views)
| Senate Approves President Tinubu’s $6 Bilion Loan Request by Kingzjayzee(op): 9:15pm On Mar 31 |
The Senate has approved President Bola Tinubu’s fresh request for a $6 billion external loan to support key national priorities.https://businesspost.ng/economy/senate-approves-president-tinubus-6bn-loan-request/ 3 Likes 2 Shares
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| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by ZombieDredd: 4:57am On Apr 01 |
Buhari must be rolling in his tight grave. Subsidy monies not seen But you keep borrowing more and more 67 Likes 2 Shares |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by Emotionss: 5:01am On Apr 01 |
Please oo what happened to the money that was supposed to be recovered from the removal of subsidy ? I thought they said with subsidy removal, vat increase, and new tax law there won't be any more need for borrowing. 72 Likes 2 Shares |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by Mnewton(m): 5:02am On Apr 01 |
Nawa o, what a tragedy of a nation, na so so borrowing no evidence to show 41 Likes |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by Raregem9000(m): 5:04am On Apr 01 |
I bet na money to buy more rice. Make una continue 36 Likes |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by AMINDA: 5:06am On Apr 01 |
The garrulous Lagos boys who came in with so much braggadocio and pump have now shown that they have nothing to offer. Celebrating "bold reforms" that have only thrown citizens into more hardship and penury while shattering the ceiling in terms of borrowed loans, surpassing all previous administration in just three years. 30 Likes
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| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by kripen(m): 5:06am On Apr 01*. Modified: 9:33am On Apr 01 |
The loan was approved in less than 3 hours, no strong deliberations on it. It is a pity that our unborn children will inherit this. Anyway, everybody will collect because of the impact the different loans will have on us. This administration has subjected us to untold hardship and some clown think it is some section that will suffer it, we die together. Una never see anything, it is just getting started you all should wait for it. 39 Likes |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by Peliman: 5:06am On Apr 01 |
You can see how useless this government is? The money was approved under 48 hours by Mrs Akpabio but if it's something that will benefit the masses it will take ages before they will even look at it. Nigerians take back your country from this monster claiming to be a patriot. 50 Likes |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by Paragon311(m): 5:10am On Apr 01 |
Rubber Stamp goons. . What do you expect from them before....... Power is transient.... 26 Likes |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by Edoreborn: 5:12am On Apr 01 |
Haaa tilumbu,,kini ese awon mekunu lowo e ati iyawo re? Abi kini gbogbo walaha oro owo yiya laisi nkan ti won fise bayi? Iwo olorun alagbara,,jowo jewo agbara nla re lori ede yi...inira yi po... 2 Likes |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by BrokenTV: 5:13am On Apr 01 |
Kingzjayzee:This zombie that is piloting the affairs of the Senate has throughly finished Nigeria, rubber stamp Senate president. 12 Likes |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by Vondata(m): 5:15am On Apr 01 |
Nigeria is finished.... Omo well m not surprised 2 Likes |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by Chummynoni(m): 5:18am On Apr 01 |
And I ask again , what is the essence of subsidy removal ? . The only thing the poor benefits from , yet no changes. Which kind country b this? 19 Likes |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by WizardOfNG: 5:18am On Apr 01*. Modified: 5:44am On Apr 01 |
ZombieDredd:Subsidy money not seen how? Aren't States and local Government getting at least 3 times what they were recieving before subsidy removal? Go and lobby your Governor and LGA chairman if you want to "see" subsidy money and stop obsessing about Mr.President alone. You guys deliberately refuse to do your civic duty, as done elsewhere globally, so you can indulge your unprogressive and bigoted desire for demarketing a President you dislike because of his ethnic and religious background. It is nothing other than that because you would be more active lobbying those, leadership-wise , directly more important to you than the President, your Governors and local Government Chairmen, where you and all Nigerians live. I.e in a local government of a State in Nigeria. 1 Share
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| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by KingOfAmebo(m): 5:19am On Apr 01 |
Kingzjayzee:More like Tinubu seeking approval from himself, we all know the spineless Senate Speaker Godswill Akpabio who also doubles as a clown will bow to everything Tinubu request for without questioning. History will remember this present Senate as the most useless arm of Government in the history of Nigeria, We currently have just the super corrupt Executheives, No Legislative arm or Judicial arm...Let nobody decieve you that there's democracy under Tinubu regime. Everything about this government is undemocratic and is headed by the same man that claimed to fight the military and fight for democracy through NADECO. 11 Likes
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| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by Anthonysteven19: 5:22am On Apr 01 |
The moment we move to era of production than consumption, thats when we are going to witness a rebirth of a new nation How can these borrowing translate to national growth, when key drivers of economic growth are missing. At this era we are still battling with instistutional decay, endemic corruption,security challenges and erratic power sector. The govt should look inwards and put its house in order. External interventions cannot drive economic growth when the country is fully weighed down with these key economic indices and security challenges. 1 Like |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by Atlantis585: 5:22am On Apr 01 |
APC and wuruwuru. This was the same thing they did through the cluless terrorist Buhari leading up to last elections. They are getting this loan to fund their 2027 bribery and corruption. 2 Likes |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by gracealonev: 5:25am On Apr 01 |
Expect more loan ‘approvals’ before 2027 elections. Analysts can recall similar actions in the past. 5 Likes |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by Inspiration2017: 5:36am On Apr 01 |
Here are my deductions from the article: NIGERIA'S $6 BILLION LOAN APPROVAL: KEY DEDUCTIONS 1. The Debt Burden Is Escalating Rapidly The approval of $6 billion in fresh external borrowing, coming on top of a proposed N9 trillion budget supplement, signals that Nigeria's fiscal situation is deteriorating. The fact that part of the loan is earmarked for refinancing existing debts means the country is essentially borrowing to service previous borrowings — a classic debt trap trajectory. 2. The Total Return Swap (TRS) Arrangement Deserves Scrutiny The $5 billion TRS facility from First Abu Dhabi Bank is not a conventional loan. A Total Return Swap is a derivative financial instrument typically used in capital markets, not sovereign infrastructure financing. Its use at this scale by a government raises serious questions about risk exposure, transparency, and the true cost of the arrangement. Nigerians deserve a detailed explanation of the terms, collateral obligations, and exit risks. 3. The UK Export Finance Facility Has a Narrow but Strategic Focus The $1 billion from the UK, arranged by Citibank, is specifically for Lagos Port Complex and Tin Can Island Port rehabilitation. This is arguably the most defensible component of the borrowing, as port infrastructure directly impacts trade, logistics costs, and economic competitiveness. However, execution and procurement integrity will determine whether the funds yield actual value. 4. Using Naira-Denominated Securities as Collateral Is a Domestic Risk Senate approval of federal government securities as collateral for a foreign loan means that if repayment defaults or becomes strained, domestic financial instruments are at stake. This links Nigeria's internal bond market to external debt performance — a significant systemic risk that has not been widely discussed. 5. The Phased Drawdown Does Not Eliminate the Debt The presidency framed the phased release of funds as easing debt servicing pressure. While this is technically true in the short term, it does not reduce the principal obligation. It merely spreads the intake and repayment schedule. The total liability remains $6 billion, with interest and swap premiums on top. 6. The Budget Expansion Paints a Wider Fiscal Picture The simultaneous push to increase the 2026 budget from N58.47 trillion to N67.47 trillion — an addition of N9 trillion — reveals that Nigeria is running a significantly expanded spending programme with a revenue base that clearly cannot sustain it without external borrowing. The framing of this as "fiscal transparency" is more political language than economic substance. 7. The Tinubu Administration's Debt Profile Is a Growing Political Liability The article itself acknowledges that Nigeria's debt portfolio has risen considerably in the three years of this administration. Approval after approval of loan requests in this pattern is building a cumulative liability that future administrations and generations will be compelled to service. This is not merely an economic concern — it is becoming an electoral and governance narrative. 8. The Senate's Role Raises Accountability Questions The speed and apparent ease with which the Senate approved both the loan and the budget expansion suggests rubber-stamp tendencies. A rigorous legislative body should be interrogating the TRS structure, the interest rates, the timelines, the contractors lined up for port rehabilitation, and the debt-to-GDP trajectory before approving. Whether that level of scrutiny occurred is not reflected in available reporting. BOTTOM LINE: Nigeria is caught in a fiscal cycle where borrowing is outpacing productive capacity. The $6 billion approval is not inherently catastrophic if the funds are deployed efficiently and the TRS terms are favourable. But given Nigeria's track record with loan deployment, the opacity of the TRS instrument, and the simultaneous budget inflation, cautious pessimism is the more rational posture. 5 Likes |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by Freetech: 5:36am On Apr 01 |
The ADC will react with their usual lie, forgetting how David Mark approved loan for Jonathan even at night How Amaechi aregbesola and Obi were part of governments who threw us back into loan after Obj 70 Likes |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by Image123(m): 5:38am On Apr 01*. Modified: 6:13am On Apr 01 |
Normal MTEF plan, but wailers must wail, as if they'll borrow or give us money instead. Life no suppose hard. This is not quality opposition. Give better alternatives, not just performative protests. What would you do differently? How would you source for money? 59 Likes |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by DeLaRue: 5:38am On Apr 01*. Modified: 6:21am On Apr 01 |
ZombieDredd:1) The increased revenue to states is from where? When was the last time you heard that a state could not pay salaries. 2) All the massive road construction all over the country nko? There is none in your region? 3) Foreign reserve of over $50 billion fell from the sky? 4) Federal government gives free N20,000 per month to tens of thousands of higher institution students all over the country. And that's separate from having their tuition fee paid under the student loan scheme. To you that means nothing. The only thing that will mean anything to you is fuel subsidy. You want the government to just use all the money to maintain a fraudulent subsidy, and everything and everyone else should be ignored. Listen, subsidy is gone. If ADC promises to return subsidy then vote for them. I know they won't even dare to try it. If their presidential candidate wins and he declares that he will return subsidy, the naira will head towards N2000 to $1 within 2 weeks. Next will be N2,500. When you start buying a loaf of bread for N7,000, you will learn a hard lesson and start telling us our Tinubu era was better. Same way some of you reminisce about Jonathan era now. As long as fuel is subsidised, you don't mind if the country goes bankrupt, abi. No problem. 1 Like |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by Rindo69: 5:39am On Apr 01 |
Lol! Overall best in taking loan despite floating naira and removing subsidy! 4 Likes |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by DeLaRue: 5:43am On Apr 01*. Modified: 6:13am On Apr 01 |
Rindo69:What's the connection between floating the Naira, removing subsidy, and borrowing. Many of you just parrot fake opposition 'anger' against borrowing. Has Mr Obi or Mr Atiku said they would not borrow if they became President. What a joke. They will put a dollar-printing machine in Aso Rock and print dollars to their hearts content abi? Virtually every country in the world that has access to borrow money is borrowing. The richest countries in the world- Switzerland, Norway, Saudi Arabia etc are constantly borrowing money to improve their countries. Yet, you expect Nigeria that desperately needs infrastructure to siddon dey look as the likes of even Ghana, Kenya, Ethiopia, Rwanda etc borrow to develop their economies. No country on planet earth developed without borrowing money. If you know one, mention it. Lagos State is the most indebted State in Nigeria, yet it is the most developed. If you are Ekiti or Cross River etc, and your people are opposed to your state taking loans to build infrastructure, no problem. You remain stagnant where you are. NIGERIA NEEDS LOANS.THE COUNTRY SIMPLY DOES NOT HAVE THE MONEY TO FINANCE ITS INFRASTRUCTURE NEEDS. It is no coincidence that Mr Dangote and his companies, MTN, Airtel are some of the most indebted companies in Nigeria. But they are also some of the richest. Often, you have to borrow to invest, and then pay back the loan from the profits from that investment. Mr Dangote borrowed billions of dollars to build his refinery. No doubt his mates who opposed borrowing and chose to sit down at home eating guguru are looking at Mr Dangote's refinery success now and wandering whether they too should have borrowed to expand their businesses. If you choose not to take risks in life, no problem. But often, the most successful are people who take risks. The issue is not about the loan itself. It is about whether you can afford to pay it back, and whether you use it for the right purpose. Nigeria can certainly afford to pay back its loans. The economy is growing at about 4% annually, though that growth rate may or may not fall in the near term due to the Iran war. Instead of jumping up at the mention of government taking a loan, citizens should focus on mounting pressure on the government to ensure that loans are deployed for the right purposes. |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by Nteogwuija(m): 5:49am On Apr 01 |
WizardOfNG:Lol, can pls mention or sight the Constitution(Section 24) where it's stated that citizens are to hold governors or LGA Chairmen accountable? Secondly, let's assume there's a clause supporting citizens holding their governors accountable. Are u not going to tag them Obedients should they protest against governors in APC states? 7 Likes |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by Image123(m): 5:50am On Apr 01 |
Chummynoni:Why must this be explained a million times to you folks. Nigeria is not rich enough to afford subsidies. Our subsidies are debt, not something paid from abundance. Removal of that debt doesn't mean there is no more debt or that we're now rich. It just means there is now less debt pressure. It's like you earn 70k and accrue debt of 140k monthly. That is you're spending 210k monthly. Then you cut off 100k of your spending/debt. Your monthly expenses is now 110k. You're still earning 70k. You must still borrow 40k. You can't compare yourself to someone earning 500k though both you and the person's children must live. Yet you want the same education and experience as the other person. That's Nigeria situation. We have many children and less money. We're not Qatar. 1 Like |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by Hemanwel(m): 5:56am On Apr 01*. Modified: 7:15am On Apr 01 |
Nigerians should not be surprised when they wake up one morning and find their dear country being put up for sale on online store. 1 Like |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by WizardOfNG: 5:57am On Apr 01 |
Nteogwuija:You need constitution to tell you that? This is why I specifically mentioned civic duty. It seems many Nigerians, as you confirm here, don't understand their civic responsibility. This is why you wrongly believe it is only the President who should be in your line of fire always.
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| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by Image123(m): 5:58am On Apr 01 |
Peliman:Paragon311 and others. Try understanding governance or at least a big place of work/organization. All these borrowing has already been looked at during MTEF and budgets presentation. MTEF (Medium-Term Expenditure Framework) is a key fiscal planning document used by the Nigerian government to guide budgeting over a 3-year period. There was one from 2023 to 2025. There's another current one from 2026 to 2028. Tinubu didn't just wake up yesterday or last week after a call with his pals. Current MTEF was already deliberated on and approved by Federal Executive Council (FEC) in November 2025. National Assembly Approval was done in December 2025. Your fellow wailers wailed over each news here on NL and elsewhere. It was also part of budget presentation, expected and planned capital expenditure, recurrent, how much to borrow, from where, different benchmark and projections, etc. Why do you want them to start arguing about and dragging it again after? Governance doesn't have to be Nollywood. It's like your boss signed a 3 year contract with you, but you expect him to argue and negotiate every month or quarter that it's time to release funds. Why? To show it's not easy, or they're tough or what? 1 Like |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by Confirm4real(m): 6:04am On Apr 01 |
Before nko una want make him lose him Job as Senate President  |
| Re: Senate Approves President Tinubu’s $6 Bilion Loan Request by Leonardo4(m): 6:12am On Apr 01 |
WizardOfNG:You people are jokers. state governors or LGA receiving x3., but the allocation of previous administration can still do more in value. What's the value of dollar when Tinubu took over. Dollar to naira Went up x3 thats why allocation was increased x3 to meet up with reality . In essence he did t increase any allocation. Nothing change because he devalued and float the naira.the cost of every thing teipled when he came in and you espect him to still be sharing same allocationas previousadministration? 5 Likes |
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